Import prices of flat-rolled steel increased slightly in South America during the week to Friday July 10 because new offers for September-shipment cargoes continued the recent uptrend.Demand from the continent was also expected to recover, with Peru, Colombia and Ecuador slowly returning to the market following a long quarantine period intended to prevent the spread of Covid-19 in those countries....Read More
The domestic rebar price in Brazil increased in July, with a 10% hike successfully implemented by producers due to previous moves to reduce supplies to match falling demand and due to resilience in the construction sector amid the Covid-19 pandemic.Fastmarkets' latest price assessment for steel reinforcing bar (rebar) domestic monthly, delivered Brazil was 2,410-2,530 Reais ($451-474) per tonne on...Read More
On Wednesday, we published our bearish case for American stocks based on insider signals. Today, we have come across a strong bullish response from Tyler Neville who explains that some institutions really do not have any alternative but to buy right now. He makes three controversial points starting with the assumption that, like it or not, flows are driving the stock market rally.TINA is s struct...Read More
(Originally published on July 8, 2020) - Today we are going to focus strictly on interpreting what our US insider sentiment indicators are now signalling. Our key US Indicator which measures sentiment towards the average stock in America has firmly established a bottoming pattern. That means insider buying has bottomed out, typically a short-term bearish signal as such a pattern often happens n...Read More
European steel association Eurofer is urging the Global Forum on Steel Excess Capacity (GFSEC) to intensify efforts to tackle global steel overcapacity. The forum, comprising the G20 group of developed nations and the Organisation for Economic Cooperation & Development (OECD), held its most recent meeting on July 8-9, with steel stakeholders meeting earlier this week, on July 7. Eurofer has called...Read More
Domestic prices for steel rebar in Poland were stable in the week to Friday July 10 while availability was tight, with most producers sold out for July rolling, sources told Fastmarkets.In particular,major domestic rebar producers ArcelorMittal Warszawa and CMC Zawiercie were said to have no tonnages available for July deliveries, according to several sources."ArcelorMittal Warszawa and CMC Zawier...Read More
Steel scrap prices in the Asian markets have recovered following the Kanto auction in Japan, while Turkish deep-sea scrap import values inched down at the end of the week due to weak demand for rebar.Turkish steel producers resumed their deep-sea scrap purchases at the end of the week at slightly lower pricesUS export markets broke silence at the end of the week with fresh cargoes to TurkeyJapanes...Read More
The pig iron market in the United States went up during the week ended Friday July 10 because of external factors such as low availability globally and high demand in China.Fastmarkets' weekly price assessment for pig iron, import, cfr Gulf of Mexico, US, was $330 per tonne on Friday, up from $320-325 per tonne a week before.One booking of pig iron from the Commonwealth of Independent States was r...Read More
Turkish steel producers resumed deep-sea scrap purchases at the end of the week at slightly lower prices, sources said on Friday July 10.A steel mill in the Izmir region booked a cargo from the United States, comprised of shredded scrap at $258 per tonne and bonus-grade scrap at $263 per tonne cfr.Another steel mill in the Marmara region also booked a US cargo at $255 per tonne cfr for a...Read More
Brazilian steel slab export prices narrowed downward in the week ended Friday July 10 because the country's quota for steel imports into the United States has approached its limit.Fastmarkets' weekly price assessment for steel slab, export, fob main port Brazil, narrowed downward by $10 for the second consecutive week on Friday, to $375-380 per tonne, from $375-390 per tonne a week earlier.Past of...Read More
Gold COT Report - FuturesLarge SpeculatorsCommercialTotalLongShortSpreadingLongShortLongShort337,03069,67254,030118,424421,016509,484544,718Change from Prior Reporting Period 8,0887,4001621,7272,8569,97710,418Traders22766895559318181 Small Speculators LongShortOpen Interest 63,29228,058572,776 1,17173011,148 non reportable positionsChange from the previous reporting peri...Read More
The gold miners' stocks are blasting higher, just achieving major new secular highs! Traders are flocking back to gold stocks as the metal they produce relentlessly advances on strong investment demand. That is atypical during market summers, but the pandemic has made for unprecedented times. This gold-stock upleg is big, but doesn't look excessive yet. It should keep marching with inves...Read More
Marin KatusaI'm sure you're well aware, gold has been on a tear and has broken above $1,800 per ounce.Every goldbug on the planet is excited and salivating at the mouth...Except for a group of bankers who accidentally got caught up in the greatest modern-day gold racket. For them, their gold bars aren't worth $1,800 per ounce, but more like $2.75 per pound.If you've watched a lot of western movi...Read More
David HaggithWe are nearing that mid-point in July when I said we would start to see the news turn from euphoria-inducing reopening positives to depression-developing realism.Speaking of stock-market bulls who are stampeding uphill on the euphoria side, I wrote,Right now the farce is with them reopening has arrived! And these stupid people will believe that means they were right about the "V,...Read More
By: Gary SavageI have never found a consistent way to find tops in this market over the past 30 years, when you have central bank QE interfering. Over time, shorting generally cost me more money than I made. Markets go down differently than they go up, tops form differently and it is difficult to consistently time the tops:https://blog.smartmoneytrackerpremium.com/Read More
By: Ira EpsteinGold has had the best close since 2011. The pattern remains in a neutral trend in the short-term market. The market is well over the 18-dma, $1778.80 level, but we have a problem:Read More
Brady Willett, FallStreetAs a contrarian and long-term holder of Goldcorp. (now Newmont), the latest push higher in the price of gold begs the question: is now the time to sell? The concern, for the uninitiated, is that after the price of gold moves powerfully higher there is an uncanny tendency for forces to mysteriously align and push prices powerfully lower. These "forces" (excuse the co...Read More
Sam Laakso, VOIMA GOLD Gold has had a great run over the past year. Gold prices have risen in every single currency on earth and in many currencies gold prices are up well over 30 percent from last summer.In early January, I published an article (in Finnish) in a local financial newspaper where I articulated why gold would rise to $1800 per ounce during the first half of the year - a rise of 2...Read More
Traders will prefer to be long in gold and silver for the weekend. Sharp corrections (if any) should be used to go long for Monday. Crude oil should fall. Momentum for copper is very bullish. Sharp increase in COVID cases in key states in USA this week will ensure that gold and silver rise next week too. Only risk to my view is a sustained slide in US stock markets. I had written in previous rep...Read More